AXA to sell its insurance operations in Greece
AXA announced (31st December 2020) that it has entered into an agreement with Generali to sell its insurance operations in Greece. Under the terms of the agreement, AXA will sell its Life & Savings and Property & Casualty businesses in
Greece for a total cash consideration of Euro 165 million, representing an implied 12.2x FY 2019 P/E multiple
This transaction represents a continuation of AXA’s simplification journey, in line with the Group’s strategy.
Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to be finalized by the end of 2Q 2021.
About AXA in Greece
AXA Greece was ranked 7th in the non-life insurance market and 8th the life insurance market in 2019, offering a broad suite of products to more than 600,000 customers. The company has 249 employees and distributes its products through a diversified distribution mix consisting of an exclusive bancassurance partnership with Alpha Bank, agents, brokers as well as direct distribution channels.
The gross revenues and underlying earnings of AXA’s operations in Greece recorded in the Group’s FY19 consolidated financial statements were Euro 168 million and Euro 15 million respectively.
Authored by AXA
In July 2012 the AXA Commercial Lines and Personal Intermediary businesses came together to form a new single organisation – AXA Commercial Lines and Personal Intermediary. Led by Amanda Blanc, the business offers brokers a more integrated and consistent approach from AXA which is focussed on their needs as a business – whatever the product. AXA Commercial Lines & Personal Intermediary provides underwriting expertise, offering a range of commercial lines and personal lines products and insurance solutions to our brokers and customers. AXA Commercial & Personal Intermediary is part of AXA Group, a worldwide leader in insurance and asset management serving 101 million clients.
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